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As
a percentage of GDP, the budget deficit is expected to be cut by more
than half by 2006. |
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The
economy is the biggest reason for changes in the budget situation
since 2001. |
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The
growth rate of non-defense spending has fallen dramatically since
the September 11, 2001 terrorist attacks, while defense and
homeland security spending recorded sharp increases. |
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The
rise in total federal discretionary spending exceeds that of family
income growth. |
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Higher
income earners are paying a larger share of the overall tax burden
as a result of tax relief enacted over the past three years. |
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Shortfalls
in Medicare and Social Security, along with debt held by the public,
pose genuine fiscal challenges that must be confronted. |
